The people who like short sales are those with patience … because they are the people who get the short sales. Short sales can take up to 6 or 8 months to close … even today … and there are NO guarantees whatsoever that any one given short sale will actually close.
Short sales can be frustrating, and if you dabble in them without having the stomach for them you’ll end up hating even the thought of them.
I think the analogy Steve Harney makes between sweat equity and patience equity is cleverly put. There was a time when homeowners put in sweat equity to build value in their homes. In the current market with the shear numbers of shadow inventory out there (and in this I really should include both short sales and foreclosure property) what you need is ‘patience equity’. Distressed property takes time and patience on the part of the prospective buyer … and those with patience are the ones who win.
There is a slew of homeowners underwater in Florida right now. And the banks are more willing than ever to do short sales. The reason for it is that a short sale is a good alternative to a foreclosure – Easier for the lender. Easier for the seller.
Acccording to Keeping Current Matters, short sales can be had for 13% off market value … and foreclosures can be discounted by as much as 22%.
Whether you are looking to go the route of a short sale or foreclosure, we will be happy to work with you. Contact us at 305 793-1365 (our direct line) or email us at restivo.v@ewm.com to arrange a no obligation seller or buyer consultation. The Restivo Team at EWM Realtors – Your local real estate experts. MiamiRealEstateCafe.com – Miami Real Estate Blog
